Ray Irani received more than $400 million in compensation in 2006, the majority of which, $270.2 million, came from his exercise of previously granted stock options, the company said in its annual proxy statement.
The chief executive also received $93.3 million from a deferred stock program. Occidental discontinued the program last October because of its cost and distributed the shares to executives.
Irani's received another $55.6 million consisting of salary ($1.3 million), bonus ($1.4 million), stock awards ($31.0 million), options awards ($17.4 million) and other items.
Irani's compensation last year is among the highest ever paid to a CEO,
The Wall Street Journal
CEO Larry Ellison took home $706 million in 2001 from exercising stock options, while former
CEO Michael Eisner earned $570 million in 1998, the newspaper reported.
Occidental filed its proxy with the
late last month, and it was made public Thursday.
Occidental shares finished Thursday's session up 20 cents at $49.95. U.S. stock markets were closed Friday in observance of Good Friday.